It is not uncommon to feel regret after an unnecessary splurge.
We’ve all experienced moments when our bank statements remind us of our impulsive spending habits.
In this guide, I will walk you through 14 things that frugal people avoid buying or doing to keep their finances in check.
1. Brand-New Luxury Cars
Advertising often fuels most buyers’ desire for brand-new luxury cars.
Frugal individuals, however, resist even glancing at the latest models to avoid this trap.
They understand the appeal of newness doesn’t justify the high price tag.
Pro Tip: A new car loses at least 50% of its value within the first five years. So, the sweet spot for buying a car is when it’s 3 to 4 years old.
This strategy lets buyers enjoy a significant discount, modern features, and often a remaining manufacturer warranty.
2. Latest Smartphone Models Every Year
Frugal people avoid upgrading their smartphones every year. They choose to replace their phones only when necessary.
They also reassess their phone plans for more affordable options.
Personally, my frugal approach when it comes to phone purchasing is to upgrade only when mine starts to fail or when I no longer receive software and security updates.
This is usually every 3 to 5 years.
3. Single-Use Water Bottles
Generally, frugal individuals avoid purchasing single-use water bottles.
They recognize the unnecessary expense and environmental impact of such products.
One great alternative is Polar Insulated Bottles, which are known for their durability and insulation properties.
These bottles keep drinks at the desired temperature for longer.
Further, Polar Bottle offers free shipping on orders over $25. This deal adds an extra layer of savings.
In addition, they provide customization options so you can personalize your sustainable water bottles.
4. Plastic Shopping Bags and Food Containers
It may come as a surprise, but frugal people actively choose to skip buying plastic shopping bags.
They understand the cost-savings and environmental benefits of switching to reusable grocery bags, which you can buy at Etsy.
By using durable, washable bags for their shopping, they reduce waste and the need to buy plastic bags where charges apply.
This small change adds up to significant savings over time.
In the kitchen, repurposing jars for food storage is also a common practice among the frugally minded.
Instead of buying new containers, they clean and reuse jars from past purchases.
5. Overpriced Hotel Rooms
Choosing the right hotel plays a big part in traveling smartly and frugally.
While it’s tempting to go for the cheapest options, frugal travelers know that mid-level hotels strike the perfect balance between cost and comfort.
Popular options include the La Quinta, Marriott, Hilton, and Hofbrau Riverfront.
These hotels usually maintain high standards of cleanliness and service, unlike budget options that might neglect essentials like hotel maintenance.
Additionally, they’re more affordable than luxury hotels.
And they often come with great perks like free WiFi, complimentary breakfast, and gym access to make your trip even better!
Pro Tip: Traveling off-season is a proven strategy to secure lower rates, as hotels drop prices to attract guests during slower periods.
6. Extended Warranties
Interestingly, frugal people give a big thumbs down to extended warranties.
The truth is these plans are cash cows for companies. In short, the high-profit margins on extended warranties come directly from buyers’ pockets.
Plus, they also fail to cover many common issues that arise with products.
This limited coverage means you’re often paying extra for protection that doesn’t fully protect.
Pro Tip: Setting aside a small savings budget for potential repairs or replacements can be a more efficient use of funds.
7. Branded Medications
Frugal individuals know the secret to saving on medications: generics are the way to go.
Basically, generic medicines offer the same benefits as their branded counterparts but at a fraction of the cost.
To be specific, they are less expensive for patients and contain the same active ingredients as brand-name drugs.
From my personal experience, switching to generics for common medications has saved me hundreds of dollars a year.
I was skeptical at first, but after comparing the effects and costs, the switch was a no-brainer.
8. Fast Fashion Clothing and Expensive Accessories
Savvy savers turn their backs on fast fashion. They prefer thrift stores instead.
The lack of sales tax on such purchases is another plus. This makes each find even more valuable.
I’ve personally found items like authentic Balmain, Valentino, and Versace at thrift stores.
My thrill of discovering a $600 pair of Valentino sunglasses for just $25 was absolutely unmatched.
Note: Beyond the personal wardrobe boost, there’s also the potential to resell finds for a profit.
9. Impulse Buys at the Checkout
Frugal people understand the danger of impulse buying at the checkout. So, their secret weapon is a dedicated shopping list.
By committing fully to their respective lists, they avoid the trap of last-minute, unnecessary purchases.
Of course, sticking to a list requires focus and a bit of willpower, especially with tempting items strategically placed at checkout.
However, the savings and clutter-free space you’ll gain are definitely worth the effort!
10. Books
While the appeal of new books is undeniable, frugal individuals typically resist the urge to buy them fresh off the shelf.
They know that there are more cost-effective ways to indulge their reading habits.
For one, securing a library card is a top strategy for frugal readers.
Before clicking “Add to Cart” on a bookstore’s website, checking the local library’s catalog can save them from unnecessary spending.
For fans of audiobooks and eBooks, apps like Libby, Hoopla, and cloudLibrary have become priceless resources.
11. Expensive Coffee From Cafes
Unsurprisingly, frugal individuals also skip the daily trip to the café for expensive coffee.
They’ve mastered the art of brewing their own perfect cup at home.
With countless tutorials available online, anyone can learn to make professional-quality coffee without the high price tag.
Home brewing also allows for customization according to personal taste, something that’s not always possible at a café.
Moreover, there’s the added comfort of enjoying your morning brew in the peace of your own abode.
12. Disposable Batteries
Frugal people are aware that disposable batteries are a drain on their wallets. So, they choose to invest in rechargeable batteries like this instead.
While such batteries may cost more upfront, they save a significant amount of money over time.
After all, the need for frequent replacements is greatly reduced.
13. Excessively Large Houses
Another thing that frugal individuals avoid buying is excessively large houses.
A bigger home means a larger mortgage, higher property taxes, and more expensive insurance.
With more space comes greater responsibility as well, including costlier repairs and maintenance. Besides, larger homes incur higher utility bills.
To find the ideal home, shopping around with different lenders is suggested. Frugal buyers look for the best mortgage terms to minimize expenses.
Pro Tip: The goal is a house payment that doesn’t exceed a quarter of take-home pay on a 15-year fixed rate, ideally with a 20% down payment to bypass Private Mortgage Insurance (PMI).
14. Premium Gasoline If Not Required
Finally, frugal people don’t opt for premium gasoline unless their vehicle specifically requires it.
They are aware that for most cars, regular gas functions just as well without the added cost.
Pro Tip: Don’t miss out on GasBuddy if you’re driving! It helps you locate the cheapest gas prices around, saving you as much as 25 cents per gallon.
Hopefully, you’ve found useful tips here to improve your spending habits. Have any thoughts or questions? Feel free to share them in the comments!
